United States:
Indiana Tax Court Finds Department Erred In Reclassifying Gain From Sale Of Subsidiary As Business Income
07 September 2017
Grant Thornton LLP
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On July 11, 2017, the Indiana Tax Court held that the Indiana
Department of Revenue erred in reclassifying a corporation's
gain on a 2001 sale of a subsidiary from nonbusiness income to
business income. The Tax Court also addressed the scope of the
Department's authority to make adjustments to net operating
losses in closed tax years, holding that a calculation of a
carryover credit from a closed year can be revisited only to
determine the tax liability for an open year.
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